California State Teachers Retirement System Increases Holdings in Procore Technologies, Inc. $PCOR

California State Teachers Retirement System raised its stake in Procore Technologies, Inc. (NYSE:PCOR) by 26.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,398 shares of the company’s stock after buying an additional 27,962 shares during the quarter. California State Teachers Retirement System’s holdings in Procore Technologies were worth $7,718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wasatch Advisors LP grew its position in Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after acquiring an additional 1,717,492 shares during the period. Wellington Management Group LLP lifted its stake in shares of Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares during the period. Norges Bank purchased a new position in shares of Procore Technologies during the 4th quarter worth $82,739,000. Finally, Woodline Partners LP increased its position in shares of Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after purchasing an additional 1,134,657 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $55.80 on Wednesday. The company has a market cap of $8.48 billion, a price-to-earnings ratio of -214.60 and a beta of 0.70. The stock’s 50-day moving average is $45.19 and its two-hundred day moving average is $51.52. Procore Technologies, Inc. has a 1-year low of $38.03 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The company’s revenue was up 15.8% on a year-over-year basis. During the same period last year, the business earned $0.35 EPS. Equities research analysts anticipate that Procore Technologies, Inc. will post 0.05 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the sale, the director owned 967,901 shares in the company, valued at approximately $40,584,088.93. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 189,621 shares of company stock worth $8,791,847. Corporate insiders own 16.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on PCOR shares. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday, July 24th. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. UBS Group upped their price objective on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Barclays increased their price objective on shares of Procore Technologies from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.44.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.